The world’s richest 1% owns more than half of the world’s wealth, according to a financial report.
In over a year, the world’s wealth increased from $16.7 trillion to $280 trillion, the report by Credit Suisse, released Tuesday says.
The 1% now owns 50.1% of all household wealth in the world, the study says.
“The share of the top 1% in the household portfolio, which fell during 2000-2008 and then began to rise after 2008, raising the wealth of many of the richest countries, and of many of the richest people,” the reports says.
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There are 36 million millionaires today — up 22% — and it’s expected to rise to 44 million in five years, Credit Suisse says.
Meanwhile, 3.5 billion people — 70% of all the world’s adults — have less than $10,000.
People with low wealth rates tend to come from younger age groups, and millennials face more challenges compared to other generations, according to the bank’s findings.
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